As this Thanksgiving holiday week comes to a close, I thought I would pass along the link for a cool little market internals indicator I crafted a few years back.
Numerous market metrics are available in thinkorswim to help us gain some insight into what is driving price action. If you look at the public watch lists in TOS you will see one entitled “Indicators.” There are approximately 250 different symbols in this watchlist and each shows some measure of the market’s internals.
If you are like me, you might like to plot one of these metrics on a time synchronized chart with your primary chart such as an index future. Using a flexible grid will not allow this as the two charts are independent of one another.
Enter the Market Metrics study. It allows you to plot any of these metrics as a subgraph indicator on your main price chart. The indicator itself is fairly self explanatory but I have included a link to the ThinkScripter video I did a few years back with a full explanation of the setup.
Brief ThinkScripter discussion video: http://youtu.be/aC3QV-UMPvA
Check out our other robust trading indicators here.